Laserfiche WebLink
Mayor Claire confirmed that amount. <br />E. Appropriation of funds for property acquisition of properties located in the <br />Underground Public Parking Garage and Downtown Retail- Cinema project site. <br />Rudy Luca asked if this pertains to the eminent domain action or the garage. <br />City Manager Everett stated that money was transferred into a City account for <br />obtaining the properties. Upon completion of that process and the floating of a <br />bond by the Redevelopment Agency, the Agency will pay the City back the <br />$8,000,000.00. The developer, upon completion of two- thirds of construction of the <br />garage, will pay the Redevelopment Agency $7,500,000.00. If it costs <br />$7,500,000.00 to obtain all the properties, then there will be no cost, if it is more <br />than that, there will be some cost. <br />Adopt RESOLUTION 14519 ESTABLISHING LOAN AGREEMENT AND <br />TRANSFERRING THE SUM OF EIGHT MILLION DOLLARS ($8,000,000) FROM THE <br />REDWOOD CITY WATER FUND, INTERNAL SERVICES FUND, AND SELF - <br />INSURANCE FUND TO THE REDWOOD CITY CAPITAL PROJECTS FUND. <br />CONVENE THE REDEVELOPMENT AGENCY MEETING <br />(SEE SEPARATE MINUTES) <br />RECONVENE THE REGULAR SESSION OF THE CITY COUNCIL <br />Recess: 8 :08 -8 :22 p.m. — Prior to recess, Vice Mayor Ira announced that a video <br />showing Lewis Cleaners as the Business Recipient of the Sequoia Awards will be <br />shown during the recess. Sequoia Awards is an organization recognizing people in <br />community service in Redwood City and segments of this year's awards will be <br />shown during the recess portion of upcoming Council meetings. <br />7. PUBLIC HEARING <br />A. 852 -860 Walnut Street Planned Community Zoning District and Precise Plan <br />Senior Principal Planner Ekas stated this is the first Precise Plan for review since <br />adopting the Precise Plan ordinance in December. She explained that the Precise <br />Plan would direct the future development of 12 -15 stacked housing units with <br />innovative parking solutions and a pedestrian oriented streetscape consistent with <br />"walk -up" housing design. <br />Mayor Claire opened the public hearing. <br />REGULAR CITY COUNCIL MEETING MARCH 24, 2003 <br />MINUTES PAGE 6 <br />